Land Price Index up 10.4% in 2017: Central Bank

Monday, 5 March 2018 00:03 - - {{hitsCtrl.values.hits}}

The Central Bank said on Friday that on year on year basis for the period ending December 2017, the Land Price Index (LPI) recorded a 10.4% increase, continuing the recent trend in land price movements in the Colombo district.

All three sub-indices of LPI (Residential, Commercial and Industrial) contributed to this increase. The recent movements of LPI and its sub-indices are provided below for the information of the general public, the Central Bank added.

The Bank compiles and analyses several indicators, in order to monitor the developments in the real estate sector.

Accordingly, the Land Price Index (LPI) is compiled biannually covering the Colombo District since 1998. In the compilation process of LPI, CBSL uses the land price data collected by the Valuation Department of Sri Lanka covering around 50 centers of five Divisional Secretariat (DS) divisions1 in the Colombo District. In view of the diverse nature of the land use and to maintain homogeneity, three indices for residential, commercial and industrial lands are computed separately.

The overall LPI is computed by taking the average of these three sub-indices.